GCC Fruits and Vegetables Market - Production, Trade, Consumption, Market Size, Growth, Competition and Forecast (2019 - 2024)

NEW YORK, Jan. 21, 2020 /PRNewswire/ -- The total food consumption in GCC is expected to reach 52.3 million metric ton by 2021. The fruit market in the region reached 20,051 metric ton in 2016, is expected to grow at 5.6% YoY, till 2024. Vegetable market in GCC reached 14,95,882 metric ton in 2016, is expected to grow at a CAGR of 3.6% till 2024. The increase in consumption of fruits and vegetables is attributed to the growing expatriate population and the economic prosperity of the region. Among the GCC countries, UAE has the highest expatiate population; about 85.5% are non-nationals of UAE. The same phenomenon is seen in all the GCC countries. The increase in consumption of fruits and vegetables is attributed to the growing expatriate population and the economic prosperity of the region. Among the GCC countries, UAE has the highest expatiate population; about 85.5% are non-nationals of UAE. The same phenomenon is seen in all the GCC countries.

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New Developments

- The Federation of UAE Chamber of Commerce and Industry announced its plans to increase the agricultural investments overseas.
- To improve food security in UAE, the Khalifa Fund for Enterprise Development invested USD 35.4 million for developing 130 farms.
- In a goal to achieve food security in Bahrain, the Government of Agriculture and Marine Resources in Bahrain agreed to sign a MoU with a Malaysian company, for knowledge sharing.

Market Dynamics

Drivers
Conditions in the GCC countries are unfavorable for the cultivation of most fruits and vegetables. Out of the total area available, only about 1.7% is arable. Due to this, the domestic production levels are low, and most of the consumption is met by imports from various countries. Due to the growing consumption of fruits and vegetables the GCC countries tried to boost the agricultural output by increasing productivity so that they could be self-sufficient. The GCC countries could not continue with this level of production due to the scarcity of water resources, which in-turn increased these countries' reliance on import of fruits and vegetables. Due to the water issue, the GCC countries' domestic production will never be able satisfy its domestic consumption.

Opportunities

Signing of the GAFTA and other free trade agreements will open up different avenues of trade and procurement. GAFTA is expected to boost, both intra GCC, as well as, intra MENA trade. The governments of the GCC countries have undertaken several food security initiatives in the form of framing policies that encourage private investments in the agricultural sector. The governments started implementation of policies, which phase out domestic production of plants that need high amounts of water. This makes GCC the perfect market for exporters of fruits and vegetables. After recent land privatization law, passed by the African government, most of the governments of the GCC countries have invested in obtaining land in Africa and producing fruits and vegetables for the country. Many private organizations are trying to follow the same model, as the demand for fruits and vegetables is high in the GCC countries.

Market Segmentation
The agricultural market in Iran is segmented by type of products into fruits and vegetables. These are sub-segmented into onions, potatoes, tomatoes, garlic, cauliflower, cucumber, cabbage, beans, eggplant, lemons, apples, bananas, oranges, grapes, strawberry, watermelon, grapefruit, dates, and olives.

About the Market

- PESTLE Analysis (Overview): Macro market factors pertinent to the region.
- Market Definition: Main, as well as, associated/ancillary components constituting the market.
- Key Findings of the Study: Top headlines about market trends & numbers.
- Drivers: What are the key factors driving growth in the market?
- Restraints: Most relevant threats and restraints which hinder the growth of the market?
- Opportunities: Sectors of high return or quick turn around on investment?
- Market Concentration: Porter's 5 Forces Analysis quantified by a comprehensive list of parameters.
- Market Share Analysis: Top players in the market (by value and volume).
- Company Profiles: Pertinent details about leading, high growth, and innovation-motivated stakeholders with contact, operations, product/service offerings, financials and strategies & insights.

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